Click on the Map for a larger view

The Spanish navigator Ferdinand Magellan landed in the Philippines in 1521. The Philippines was established as a Spanish colony in 1539. In the late 1800s, European-educated sons of wealthy landholders advocated nationalistic ideals that led to an 1896 insurrection that was put down by Spanish troops. Spain ceded the islands to United States after the U.S. Navy defeated the Spanish navy in the Spanish-American War of 1898. The Philippines became a United States territory on August 13, 1898 and a Commonwealth on November 15, 1935. The Japanese occupied most of the Philippines from January 3, 1942 until October 14, 1943. The Philippines formally gained its independence on July 4, 1946.

Small gold coins known as piloncitos were issued in the Philippines in the thirteenth century. In 1522 the Spanish founded Manila and it quickly became the major port for Spain's trade with eastern Asia. Until 1820, silver flowed in from American mines to pay for Asian goods, providing an ample supply of currency for the Philipines and other parts of Asia. When Latin Americcan countries gained their independence in the 1820s, the Spanish lost their supply of silver and silver coins had to be minted in the Philippines. In 1861 the silver dollars were minted in Madrid and were decimalized so 1 Peso was equal to 100 centimos rather than 8 reales.

The Philippines used the Spanish monetary system, based on the Real (XESE), while it was a Spanish colony. Some coins were minted locally, and other coins from Mexico and Peru were overstamped in the Philippines. Spain introduced the Peso Fuerte (PHF) into the Philippines on July 1, 1857. Spain introduced the Escudo (PHE) in 1871, the Peseta (PHT) in 1872, and the Peso (PHP) again in 1876. Although Spain introduced several different versions of their currency during this period of time, these changes had no direct impact on the Philippines since no coins were issued in the Philippines between 1868 and 1880. These denominations were, at best, used as units of account. The Peso (PHP) was adopted by the United States after the Philippines became a territory of the United States with 1 Dollar equal to 2 Pesos and divisible into 100 Centavos.

During World War II, the Japanese issued Military Gumpyo Pesos (PHJ) at par with the Philippine Peso which continued to circulate; however, Philippine forces had withdrawn into the jungle, and issued their own Guerilla Pesos (PHG), redeemable in paper Pesos after the war was over. The Japanese made use of the Guerilla Pesos punishable by death, but since this would have led to the collapse of the Philippine economy, local Japanese authorities acquiesced and often allowed the Guerilla Pesos to circulate. During the war, the Japanese Military peso depreciated relative to the Commonwealth Peso with the conversion rate declining from 1.25 PHJ = 1 PHP by May 15, 1943 to 1.44:1 in June 1943, 20:1 in July 1944 and 120:1 in January 1945. The Ballantyne Scale was adopted by the Congress of the Philippines in 1945 to calculate these conversion rates.

After World War II, the Philippines gained its independence and adopted the Peso after gaining independence. The Piso replaced the Peso in 1962, and is divisible into 100 Sentimos (Centavos).

From 1903 until 1948, the Treasury issued banknotes with 100% cover in U.S. Dollars, as well as by the Bank of the Philippine Islands and the Philippine National Bank. The Central Bank of the Philippines was created on June 15, 1948, and it became the sole note issuing authority in January 1949.

Here is a 1921 dated note valued at 2 Pesos. The note is black on blue underprint. The obverse features the portrait of Jose Rizal in the upper left corner. 'Jose Protasio Rizal Mercado y Alonso Realonda' was the most prominent advocate for reforms in the Philippines during the Spanish colonial era. The reverse is blue with the notes value in all 4 corrners and the center.

• Krause# Pick-52

Reverse

This note is a 1 dollar Series 1936. The note is black on orange underprint. Apolinario Mabini is depicted on the obverse. This is the first instance (that i could find) that used the refferance 'Philippines', where-as previously 'Philippine Islands' had been used.

• Krause# Pick-81

Reverse

Here is a very nice 1 peso dated 1941. This note is simlar in design to P-81 with Apolinario Mabine depicted. This note was used for Naval Aviator's Emergency Money Packets.

• Krause# Pick-89c

Reverse

Here is a 1 dollar Victory Series #66 note printed in 1944. This note has an orange design in the center. Instead of a date printed on the note, the text 'Victory Series #66' appears twice. On the reverse, there is an overprint of the text 'Victory' in large black letters.

• Krause# Pick-94

This is a 1 dollar Victory Series #66 note printed in 1944. This note has a more yellow design in the center. Instead of a date printed on the note, the text 'Victory Series #66' appears twice. On the reverse, there is an overprint of the text 'Victory' in large black letters.

• Krause# Pick-94

Here is a 5 dollar Victory Series #66 note printed in 1944. This note has a more yellow design in the center. Instead of a date printed on the note, the text 'Victory Series #66' appears twice. On the reverse, there is an overprint of the text 'Victory' in large black letters.

• Krause# Pick-96

Japanese Occupation - WWII P-102 through P-115

Here is a Japanese Occupation note valued at 1 Centavo and undated but printed around 1942. The note is black on green underprint. The obverse has an ornate design border with the issuing authority and value in the center. The reverse shows the value surounded by an intricate design.

• Krause# Pick-102a

This is a 5 Centavo note issued by the Jappanese Occupation forces in 1942. The note is black on blue underprint. The obverse has an ornate design border with the issuing authority and value in the center. The reverse shows the value surounded by an intricate design.

• Krause# Pick-103a

Here is a 10 Centavos note printed in 1942. The note is black on blue underprint. The obverse shows the issuing authority with the denomination. The reverse shows the numerical denomination in the center and corners of an ornate design.

• Krause# Pick-104a

Here is a n undated note issued during the Japanese Occupation and valued at 50 Centavo. The note is black on light purple underprint. The obverse has the border design with the issueing authority and value as well as a vingette of a plantation on the right. The reverse shows an intricate design and value.

• Krause# Pick-105a

This Japanese Occupation note is valued at 1 Peso and although undated, was issued around 1942. The note is black on light green unerprint. The obverse shows a plantation to the left with value in the center and on the right. The reverse features a design very similar to the US note of the time period. Compare it to the 1923 funny back.

• Krause# Pick-106a

Here is a 5 Peso note undated and printed in 1942 during the Japanese Occupation. The note is black on light blue underprint. The obverse features a plantation in the center with the denomination depicted on either side. The reverse shows an ornate design with the value in the center. There is a counter stamp on the reverse that i cannot read.

• Krause# Pick-107a

This is a Japanese Occupation 10 Peso note undated and issued in 1942. The note is black on blue underprint. he obverse depicts a plantation to the right and value in the center and on the left. The reverse shows the value in the center surounded by a border design.

• Krause# Pick-108b

Here is an undated Japanese Occupation note valued at 1 Peso and issued around 1942. The note is black on light green and pink underprint. The obverse features the Rizal monument (Rizal Park is situated in the heart of the city of Manila, Philippines. It is at the northern end of Roxas Boulevard, overlooking Manila Bay). The reverse has the value within a border design. The note has a watermark of a banana tree. The note has a counterstamp on the reverse, i am unsure as to its saying and meaning.

• Krause# Pick-109a

This note is a 5 Peso note printed in 1943. The note is black on green and yellow underprint. The obverse depicts a monument to the left with the value in the center. The reverse is brown on gray underprint and has the value within an ornate design.

• Krause# Pick-110a

Here is a Japanese Occupation note valued at 10 Peso and undated but issued around 1942. The obverse features the Rizal monument (the execution of Dr. José Rizal on December 30, 1896, made him a hero of the Philippine Revolution, and the Luneta park was officially renamed Rizal Park in tribute to him). The reverse has the value within a border design. The note has a watermark of a banana tree.

• Krause# Pick-111a

This is a 100 Peso undated Japanese Occupation issued around 1942. The note is black on light blue underprint. The obverse features the Rizal monument which was the work of a Swiss sculptor named Richard Kissling. The reverse has the value within a border design. The note has a watermark of a banana tree.

• Krause# Pick-112a

Here is a Japanese Occupation note valued at 500 Peso. Th enote is undated, but printed around 1944. The note is black on purple underprint. The obverse features the Rizal monument, and the park was the venue of the opening ceremony for the 2005 Southeast Asian Games at the Quirino Grandstand. The reverse has the value within a border design. The note has a watermark of a banana tree.

• Krause# Pick-114b

This is an undated 5 Piso note. The note is green and brown on multicolored underprint. The obverse features Andres Bonifacio (Andrés Bonifacio y de Castro, was born in 1863 and died in 1897, was a Filipino revolutionary leader and the founder of the Philippine Revolution) and the Central Bank Seal type 2 (The Pick catalog says the seal is type 3). The reverse depicts a scene of the Katipunan oganization. The watermark for this note is that of Andres Bonifacio.

• Krause# Pick-143b

This is a 5 Piso note that is undated but printed between 1985 and 1994. The note is deep green and brown on multicolored underprint. The obverse features Emilio Aguinaldo to the left and a plaque with a cannon to the right. Emilio Aguinaldo is considered to be the country's first and the youngest Philippine President..The reverse depicts a scene from when Emilio Aguinaldo announced the Philippine decleration of Independance on June 12th, 1898. This note carries a watermark of Emilio Aguinaldo. This note has black serial Numbers.

• Krause# Pick-168b
• Signature: 11 - C. Aquino / J. Fernande

This is a 5 Piso note that is undated but printed in 1990. The note is deep green and brown on multicolored underprint. The obverse features Emilio Aguinaldo to the left and a plaque with a cannon to the right. Emilio Aguinaldo was a Filipino general, politician, and independence leader of Chinese and Spanish descent. He played an instrumental role in Philippine independence during the Philippine Revolution against Spain.The reverse depicts a scene from when Emilio Aguinaldo announced the Philippine decleration of Independance on June 12th, 1898. This note carries a watermark of Emilio Aguinaldo. This note has red serial Numbers.

• Krause# Pick-168c
• Signature: 11 - C. Aquino / J. Fernandez

Here is an undated 5 Pisa note that was printed in 1995. The note is deep green and brown on multicolored underprint. The obverse features Emilio Aguinaldo to the left and a plaque with a cannon to the right. Emilio Aguinaldo was born on March 22, 1869 and died on February 6, 1964. The reverse depicts a scene from when Emilio Aguinaldo announced the Philippine decleration of Independance on June 12th, 1898. The obverse shows seal type 5 and signature 14. The watermark on this note is Emilio Aguinaldo.

• Krause# Pick-180
• Signature: 14 - J. E. Estrada / G. C. Singson

Here is a 10 Peso note dated 1944. The note is printed on brown paer and is black with a green seal and serial numbers.

• Krause# Pick-S676

• Krause# Pick-